House Bill No. 5126, also known as Public Act No. 26-43, introduces revisions to consumer protection laws specifically related to written residential condition reports in real estate transactions. The bill repeals subsection (d) of section 20-327b and replaces it with new provisions that require the Commissioner of Consumer Protection to create standardized templates for these reports. These templates must follow specific formatting guidelines and include detailed sections where sellers must disclose the property's condition, known issues, and any relevant legal or environmental considerations. The revisions aim to enhance transparency by mandating that sellers provide comprehensive information and prohibiting real estate licensees from completing the forms on behalf of sellers.

In addition to the new requirements, the bill expands the scope of the residential condition report to include questions about flood risk awareness, such as whether the property is in a FEMA-designated floodplain and if the seller has received disaster assistance for flood damage. It also updates certification sections for sellers and buyers to acknowledge the accuracy of the information provided. The bill includes specific deletions and insertions in legal language, such as changing the reference from "20-680" to "20-686" regarding the Commissioner of Consumer Protection's authority and updating the definition of "gender-affirming health care services." Overall, these changes aim to improve consumer protection and ensure that potential buyers are well-informed about the properties they are considering.

Statutes affected:
Raised Bill: 20-673
GL Joint Favorable: 20-673
File No. 159: 20-673
Public Act No. 26-43: 20-673